A definitive breakdown of the gloomy state on Wall Street

A man outside the New York Stock Exchange on January 15 in New York City. Spencer Platt/Getty Images

Don't be fooled.

While Wall Street bank revenues appeared to bounce back in the first quarter of 2017, with banks posting strong results in fixed income trading in particular, industry-wide revenues were still down on the same period from 2012 to 2015.

According to data from industry consultant Coalition, investment bank revenues at the top 12 banks totaled $42.4 billion in the first quarter, up 14% from the previous year, but still down sharply on previous years.